Shiba Inu’s 17% price surge faces blockage from traders

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As a seasoned analyst with extensive experience in the cryptocurrency market, I have closely monitored Shiba Inu (SHIB) and its recent price developments. The asset’s impressive recovery over the past week, which saw it rise by 2% in the last 24 hours and reach a one-month high of $0.00002 on July 16, has been noteworthy. However, I cannot ignore the underlying concerns that suggest another potential downfall for its price.

Over the past week, Shiba Inu (SHIB) has experienced a notable bounce back. However, some traders predict a potential drop in its value once again.

SHIB has experienced a 2% increase in value over the last 24 hours, currently priced at $0.0000194. It peaked at a one-month high of $0.00002 on July 16, but subsequently corrected to $0.0000187 just a few hours afterwards.

As a crypto investor, I’ve observed that Shiba Inu presently holds a market capitalization of $11.4 billion, which ranks it as the twelfth-largest cryptocurrency and the second-largest meme coin in the current market. However, its daily trading volume has taken a hit, decreasing by 27% within the last 24 hours, now resting at approximately $500 million.

Based on data from Santiment, there was a significant surge in the number of whale-sized SHIB transactions, with 121% more than the previous day occurring – translating to 179 such transactions happening daily.

Large whale transactions in the Shiba Inu market have been linked to a decrease in trading volume, indicating that this meme coin could experience significant price fluctuations as a result of these whales’ actions and possible price manipulation.

According to market intelligence data, the total open interest for SHIB on the platform decreased from $59.6 million to $57.1 million within the past day. Additionally, as reported by Santiment, the aggregated funding rates for Shiba Inu have dipped below zero, currently standing at a negative 0.003%.

Currently, there are more traders holding short positions than long positions, indicating a widespread belief that prices will decrease.

A rise of more than 5% in value could possibly trigger approximately $2.5 million worth of sell-offs for Shiba Inu.

According to Santiment’s data, the Shiba Inu (SHIB) coin’s Relative Strength Index (RSI) currently stands at a notable level of 61. This suggests that SHIB is slightly overbought at present. A reading of 50 or below could indicate that SHIB may enter a more bullish phase.

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2024-07-17 13:32